7 Stars' Homes You Wish You Owned

OPRAH WINFREY'S PROMISED LAND

WILL SMITH'S ADOBE

REESE WITHERSPOON'S CALIFORNIA DREAM HOME

GEORGE CLOONEY'S ESCAPE

TONY HAWK'S PLAYGROUND

JERRY SEINFELD'S TELLURIDE HOME

ALPH LAUREN'S ISLAND RETREAT

Provisions to Include in a Land Sale Contract

A land sale contract should include these five provisions:

·         Purchase Price

·         Property Description

·         Payment Terms

·         Easements

Purchase Price

It is the most important provision to include in a land scale contract. This should include the down payment as well as the total purchase price. If either the buyer or seller tries to default on the contract, they can take it to court.

Property Description

The land sale contract should include complete description along with “Legal Description” of the property.  Legal descriptions contain surveyor language that describes the exact location of a parcel of land.

Payment Terms

This section should specify how often payments should be made, the total number of payments, the start and stop dates and the amount of each installment. It should also include interest rates and late fees.

Obligations of the Parties

The land contract should set forth the duties and responsibilities of each side. It must specify the obligations of both the buyer and the seller. This avoids misunderstandings.

Finding Good Building Land

Finding the perfect building land is difficult. You may find some land in the city but plenty in the rural side but that may not work for you, depending on your amenity demands. In real estate you need to buy an actual building land. If the land you buy is not for building then it’s useless and a huge financial risk. Have the land checked out properly before you buy it. Here are few tips in doing so.

Is all the land for Building?

You just can’t build on any land you see. Every land is not suitable for building on. Some lands are for hunting, recreational activities, sloppy, unfit soil nature, and many other factors that make building on it unfeasible. Looking at the land and guessing doesn’t work here; you need professional opinion of the land in order to decide if building on it would be a good idea or even safe to do.

What will a professional do?

A land can be subjected to feasibility study before building. A professional will gather information about the land and make a determination as to the difficulty of building there. In some cases it’s possible to build while in others it’s not as cost of construction will be too high to deal with. Take advice on a land your interested in from a county (or city) planning department, an engineer, and your builder, as well as a good real estate agent.

Got the building permit?

You need to get the building permit where you want to build. If you are denied then it means you can’t build there for example: you are denied a building permit when you are trying to build a commercial building in a residential area.

What factors are looked in while making a Decision?

Many factors affect a decision regarding building land like zoning, the quality of the land, enough space for building etc. Get all the factors straight so that you won’t have any trouble in building and getting a building permit.

Is Buildable Land Always More Expensive?

Location is the most important issue when it comes to land. A piece of real estate that's in a prime location is going to cost a lot more than a piece of land in an uninhabitable land. Both may be buildable and have the same size. It’s always about the location that matters. 

The Many Reasons to Build a House

Your built your choice

Many houses are not built according to buyers specifications. When you decided to buy a house that’s on a real estate market, then you are giving in on your choices and making concessions with your house resolution.  Building, however is a great way to meet your house tailored needs and make it as you need and like. This is one of the greatest new building home incentives that’s getting popular.

Location

Another factor that affects the building incentive than buying is the location. A house that is perfect in size and structure might not be at a desired location. If it is in the right location then it might not be missing out essential amenities. For this reason building can be an excellent alternative. Choose the right location that best meets your demands and then build a house of your style and aesthetic.

    

Increasing Property value

By building you are not only creating a new piece of real estate that will be more modern and current, but you are also increasing property value for the homes around you. Building a home is a better economic investment. It is also one of the top new builder home incentives.

Necessary Upgrades

An existing piece of property requires additional upgrades in order to meet your needs and interests. However if you built a home, you can save the money by not having to upgrade according to latest trends and styles.

Tips for New Homeowners

Here are some final tips to make life as a new homeowner more secure.

Saving

Many unexpected expenses arise such as getting a roof fixed, buying a new water heater or even fixing window glass. For all this you need money. Right after the homeowner ship start an emergency fund or save in the bank so that you don’t get off guard at time of need.

·         Regular maintenance

Perform regular maintenance of the house. Take excellent care of the house as you have put huge amount of money in it. Fix and mend the broken things before they damage too much.

·         Housing Market

There is absolutely no reason to check the housing market if you don’t want to sell the house. You have just bought a house, live in it for few solid years before making the selling decision.

·         Don’t sell your home for your retirement

Continue to save the maximum in your retirement savings accounts each year. If you want to look at your home as a source of wealth in retirement, consider that once you've paid off your mortgage, the money that you were spending on monthly payments can be used to fund some of your living and medical expenses in retirement.

Terms to include in a Tenancy agreement

 A contract between a tenant and a landlord is called a tenancy agreement. It lets the person (renter) to live in a property for as long as he/she pays the rent and follow the rules. Tenancy agreement is a set of legal terms and conditions. If you have a tenancy agreement, it should include:

·         the names of all people (tenant, landlord and third party) involved

·         the rental price and method of its paid

·         information on how and when the rent will be reviewed

·         the deposit amount and how it will be protected

·         when the deposit can be fully or partly withheld (eg to repair damage you’ve caused)

·         the property address

·         the start and end date of the tenancy

·         any tenant or landlord obligations

·         which bills you’re responsible for

·         It can also include information on:

·         whether the tenancy can be ended early and how this can be done

·         who’s responsible for minor repairs

·         whether the property can be let to someone else (sublet) or have lodgers

The terms of the tenancy must be flexible and obey the law.

Types of Tenancy Agreements

There are three types of tenancy agreements used between tenants and landlords

1. Assured Shorthold Tenancy (AST)
2. Assured Tenancy
3. Regulated or ‘Protected’ Tenancy

Assured Shorthold Tenancy (AST)

This type of tenancy agreement is used while renting private properties. The agreement is arranged for six months period or somewhat longer like twelve months. The tenant and landlord can negotiate the sum of rent and the tenant has the right to challenge high rent or change the agreed rent.  A property may be subjected to an AST only if it is an accommodation and the landlord doesn’t live in it.

Assured Tenancy

A housing association or a housing trust uses Assured tenancy agreement for properties. This type of tenancy is beneficial and secure for those who want to live in property for a long duration while complying with the terms of the agreement.

Regulated or ‘Protected’ Tenancy

This tenancy agreement type offers the tenant the highest level of protection against eviction and increased rent

What is Tenancy Agreement?

A tenancy agreement is a written agreement between a tenant and a landlord. It is a set of legal terms and conditions by which you can live in a property as long as you wish until you abide by them. Both the tenant and landlord have rights and responsibilities given by law. The agreement is can be in written form or oral too. There are fixed term and periodic tenancy agreements. The fixed term runs for a specific period of time while the latter is updated on weekly or monthly basis. One of the terms for example in the tenancy agreement is the right of a tenant to live in an accommodation and the landlord’s right to receive rent monthly.

A tenancy agreement can either be made up of expressed terms or implied terms. The former includes tenancy agreement, if there is one, in the rent book, and/or what was agreed orally while the latter includes rights given by law or arrangements established by custom and practice.

A tenancy agreement includes:

·         Name and address of the tenant, and agent, provider, owner or manager

·         Starting and ending date of the agreement.

·         Amount of rent to be paid and the method of payment.

·         Some standard details

·         Any special terms like keeping a dog or a landscape management

Period of tenancy agreement:

·         Fixed term agreement – a property is rented for a fixed amount of time (for example, 6, 9 or 12 months)

·         Periodic agreement - when a tenant/resident lives there for an indefinite period

·         For caravan parks – short term lasts for less than 42 days and long term lasts for more than 42 days  

Before signing the tenancy agreement make sure to read the agreement carefully and understand and agree with the terms and condition.